China’s game streaming site Panda TV confirms it will end service amid cash crisis
- Panda TV still ranked as China’s No. 3 game streaming network in terms of active users at the end last year
- Platform was founded in 2015 by Wang Sicong, son of Chinese tycoon Wang Jianlin
China’s once high-flying game streaming platform Panda TV has announced it will end its service after the company failed to raise fresh funds to keep operations going in a cash-intensive business.
A picture attached to the Weibo statement shows the back of a waving panda, with a text bubble saying “Bye.”
The official announcement comes after earlier reports this week that Panda TV would file for bankruptcy and dismiss its 500-strong workforce.
Panda TV’s chief operating officer, Andy Zhang Juyuan, on Thursday sent a message to employees in a WeChat group, saying that the company had been forced to “end” after it failed to inject outside money into the business over the past two years.
A former Panda TV employee, who declined to be identified after losing her job, confirmed Zhang’s message.